$5M aiUSX cap against a headline $1B facility says Solstice is testing treasury demand before trying to warehouse GPU-credit risk at scale. The comps are USD.ai and Maker/Sky RWAs, except repayment here depends on NVIDIA hardware utilization and inference demand instead of T-bill duration. With the EU pushing €200B InvestAI and Mistral borrowing $830M for sovereign clusters, onchain lenders can become a mezzanine sleeve for compute buildouts, but redemption liquidity gets ugly fast if GPU lease rates roll over.

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